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DMP mutual support thread part 13 !!
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I'm 6 months down the line from you and defaults are about to occur. Other than phone calls and letters I have ignored I feel less stressed. No threats or anything all froze other than virgin and getting ready to start paying off. 1500 in the bank ready if needed. Moorcroft now getting in touch but until default arrives they can also wait. Good luck1
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A question about self-management. I was originally with PayPlan, and have now moved over to self managed. I calculated the monthly payments to my creditors, based on the percentage of the overall debt, that their debt was taking up. E.g. if I owed one creditor £1000 with a total of £10,000 debt, they would receive 10% of my available budget. So far all creditors have accepted with no issues (I didn’t know it’d be this easy!), however one is asking for details of my other creditors including the balance due, and the monthly payments to them. Is this correct, are they able to ask for this, and what would they use it for? I have nothing to hide, but I’m not sure why they need this?
Also, with Wescot, they’ve offered a specific support department to help me due to my Autism and ADHD, has anyone any idea what this involves? So far no phone contact and Wescot has removed my number from their records and said they will only contact by post, so that’s positive.0 -
MMPhi123 said:A question about self-management. I was originally with PayPlan, and have now moved over to self managed. , however one is asking for details of my other creditors including the balance due, and the monthly payments to them. Is this correct, are they able to ask for this, and what would they use it for? I have nothing to hide, but I’m not sure why they need this?
Also, with Wescot, they’ve offered a specific support department to help me due to my Autism and ADHD, has anyone any idea what this involves? So far no phone contact and Wescot has removed my number from their records and said they will only contact by post, so that’s positive.
They can ask what they like, its a free country, you are equally free to tell them your not comfortable giving them that information, you just make the payments as agreed, if they are unhappy, they will simply sell the debt on, you don`t need to involve yourself any more than that.
DCA`s/creditors have specific departments that deal with what they term "vulnerable customers" all it means is that you`ll be taken out of the loop for collection activity, and should be dealt with in a more appropriate manner.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
MMPhi123 said:......... however one is asking for details of my other creditors including the balance due, and the monthly payments to them. Is this correct, are they able to ask for this, and what would they use it for? I have nothing to hide, but I’m not sure why they need this?
Also, with Wescot, they’ve offered a specific support department to help me due to my Autism and ADHD, has anyone any idea what this involves? So far no phone contact and Wescot has removed my number from their records and said they will only contact by post, so that’s positive.
As for Wescot, it sounds as if they are taking your medical conditions into consideration, which is a good thing.0 -
Hi all, I've not been on for a while but came on tonight and i see some posts from people in a similar position to us and it has gven me some peace of mind.We are two months into our missed payments, Zopa are calling a lot and texting which we are ignoring at this point and Newday have also been the same but we've not heard from anyone else yet, just need to sit tight and wait for the letters to start coming in.I am wanting to start getting our I&E set up but not to sure how to go about it. I know i take what we have coming in every month and then put our outgoings down but how do you work out how much to pay to each creditor? If we have say £500 left over how do we note this on the spreadsheet, i don't really want each creditor knowing who we owe to and how much we are paying.Thanks0
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Newmum92 said:Hiya everyoneJust wanted to say thanks so much for all of your advice so far, I feel like posting on here and getting your help has helped me stay sane and I feel much more calm than a couple of weeks ago…. Still a bit anxious but I guess that’s to be expected!
im currently 1 month into the governments “breathing space” and intend to set up my DMP using NEDCAB. I’ve missed 1 month of payments so far and I’m keen to stay in contact with my creditors while I figure this all out.
I’m hoping to have a few months to be able to save an EF - how is the best way to go about this without completely ignoring creditors? I have my job to think about which is why I don’t want to aggravate them too much. Am I best sending a further letter asking them to continue holding while I have the time and space to consider my options. Should I include a sentence to say I’ll make token payments while I consider my options?Feel a bit uncomfortable going completely silent on them, but also I want to save that EF!Thanks 😊Thanks all0 -
Hols2021 said:Hi all, I've not been on for a while but came on tonight and i see some posts from people in a similar position to us and it has gven me some peace of mind.We are two months into our missed payments, Zopa are calling a lot and texting which we are ignoring at this point and Newday have also been the same but we've not heard from anyone else yet, just need to sit tight and wait for the letters to start coming in.I am wanting to start getting our I&E set up but not to sure how to go about it. I know i take what we have coming in every month and then put our outgoings down but how do you work out how much to pay to each creditor? If we have say £500 left over how do we note this on the spreadsheet, i don't really want each creditor knowing who we owe to and how much we are paying.ThanksIn terms of payments, your proportion the total value of your debts against the £500 you have available.
if it was:
debt a £1000
debt b £3000
debt c £300
Total debt £4,300
debt a payment = £1,000 / £4,300 x £500 = £116.28
debt b payment = £3,000 / £4,300 x £500 = £348.84
debt c payment = £300 / £4,300 x £500 = £34.88
Hope that makes sense?
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Hi Everyone
I posted earlier but think it probably got lost amongst all the posts so thought I’d put it here.Thank you to everyone who has so far given me advice and reassurance, those of you who have seen my posts will know how anxious I have been but I feel a lot calmer since finding this group! 😊
I’m currently 1 month into the governments “breathing space” which ends at the beginning of April. I’ve missed 1 month of payments and I’m wondering what to do next….I’m going to go self managed using NEDCAB. Obviously all creditors have put holds on my account while I’m on breathing space, but, I need longer than another month to save up an EF so what is the best way to go about it? I have a sensitive job situation so I’m keen to keep in touch with creditor and where possible keep them on board as much as I can.Would it be sensible for me to send a letter informing them that once my breathing space ends I intend to set up a DMP and that I’ll be in contact when I have worked everything out? Or is it best to specify a future date for when I’m planning to start my DMP. Or, do I just simply wait? Do I offer token payments to keep them sweet while I spend a few more months building my emergency fund?Sorry for all the questions- I feel confused about all the different approaches and no one else knows about my situation so the advice here has been so valuable.
Thanks!0 -
Newmum92 said:Hi Everyone
I posted earlier but think it probably got lost amongst all the posts so thought I’d put it here.Thank you to everyone who has so far given me advice and reassurance, those of you who have seen my posts will know how anxious I have been but I feel a lot calmer since finding this group! 😊
I’m currently 1 month into the governments “breathing space” which ends at the beginning of April. I’ve missed 1 month of payments and I’m wondering what to do next….I’m going to go self managed using NEDCAB. Obviously all creditors have put holds on my account while I’m on breathing space, but, I need longer than another month to save up an EF so what is the best way to go about it? I have a sensitive job situation so I’m keen to keep in touch with creditor and where possible keep them on board as much as I can.Would it be sensible for me to send a letter informing them that once my breathing space ends I intend to set up a DMP and that I’ll be in contact when I have worked everything out? Or is it best to specify a future date for when I’m planning to start my DMP. Or, do I just simply wait? Do I offer token payments to keep them sweet while I spend a few more months building my emergency fund?Sorry for all the questions- I feel confused about all the different approaches and no one else knows about my situation so the advice here has been so valuable.
Thanks!0 -
Newmum92 said:Newmum92 said:Hi Everyone
I posted earlier but think it probably got lost amongst all the posts so thought I’d put it here.Thank you to everyone who has so far given me advice and reassurance, those of you who have seen my posts will know how anxious I have been but I feel a lot calmer since finding this group! 😊
I’m currently 1 month into the governments “breathing space” which ends at the beginning of April. I’ve missed 1 month of payments and I’m wondering what to do next….I’m going to go self managed using NEDCAB. Obviously all creditors have put holds on my account while I’m on breathing space, but, I need longer than another month to save up an EF so what is the best way to go about it? I have a sensitive job situation so I’m keen to keep in touch with creditor and where possible keep them on board as much as I can.Would it be sensible for me to send a letter informing them that once my breathing space ends I intend to set up a DMP and that I’ll be in contact when I have worked everything out? Or is it best to specify a future date for when I’m planning to start my DMP. Or, do I just simply wait? Do I offer token payments to keep them sweet while I spend a few more months building my emergency fund?Sorry for all the questions- I feel confused about all the different approaches and no one else knows about my situation so the advice here has been so valuable.
Thanks!
I am opening all letters, noting the contents and filing them. I’m ignoring all texts asking me to call them, I’m ignoring all app notifications asking me to call them. I’m not getting many calls now as I’ve identified and blocked most numbers.
If you want them to default but you stay in contact it may take longer as you are keeping a dialogue open. I noticed you said you have a sensitive job situation so only you know whether defaults are right for you but it’s generally the advice on here that it’s the best way to move forward.
Hope that helps!CC’s - £40,252/£39,684
EF - £2285/£1600
Planned DFD - July 2028 🤞1
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